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INCOME TAX ASSESSMENT ACT 1997 - SECT 328.200

Closing pool balance

    You work out the closing pool balance of your * general small business pool for an income year in this way:

Method statement

Step 1.   Add to the * opening pool balance of the pool for the income year:

  (a)   the sum of the * taxable purpose proportions of the * adjustable values of * depreciating assets you started to use, or have * installed ready for use, for a * taxable purpose during the income year and that are allocated to the pool; and

  (b)   the taxable purpose proportion of any cost addition amounts (see subsection   328 - 190(3)) for the income year for assets allocated to the pool.

Step 2.   Subtract from the step 1 amount:

  (a)   the * taxable purpose proportions of the * termination values of * depreciating assets allocated to the pool and for which a * balancing adjustment event occurred during the income year; and

  (b)   your deduction under subsection   328 - 190(1) for the pool for the income year; and

  (c)   your deductions under subsection   328 - 190(2) for * depreciating assets you started to use, or have * installed ready for use, for a * taxable purpose during the income year and that are allocated to the pool; and

  (d)   your deductions under subsection   328 - 190(3) for the income year for cost addition amounts for assets allocated to the pool.

Step 3.   The result is the closing pool balance of the pool for the income year.

Note:   A transferor does not subtract anything for certain balancing adjustment events under paragraph   (a) of step 2 if roll - over relief under section   40 - 340 is chosen: see sections   328 - 243 and 328 - 245.


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